ABSTRACT:Financial literacy is very crucial for making and financial decisions to manage money. These days it is found that in spite of the scholarships to the students, they are unable to save or invest money wisely. The term financial literacy was first coined in 1787 in the USA, when John Adams in a letter to Thomas Jefferson admitted the need for financial literacy for overcoming the confusion and widespread distress in America that had arisen due to ignorance towards credit, circulation and nature of coin. This study is done on the post-graduate students from the various colleges in Visakhapatnam city. The purpose of the study is to find the link between demographic factors such as age, gender and family background with the financial literacy of the students based upon the two factors namely financial awareness of various schemes and saving habits in those schemes. The questionnaire was distributed to 423 post-graduate college students of various colleges in the Visakhapatnam city. 392 questions were answered and analysed for the study.